The World Bank's representative office in Moscow said on Wednesday that a  $50 million loan to Russia was recently approved by the World Bank for a registration project aimed at developing the Russian real estate market.

The total cost of the project is $101.5 million and the Russian government shall finance the remaining amount. The loan will be issued for 17 years with a five-year grace period.

The project aims to develop the Russian real estate market and improve the quality of services provided by the government. The project is a part of a state program that has a goal of reorganizing the system of government registration of real estate property rights in Russia. This will also let government agencies to take part in this process to utilize the World Bank's vast experience in developing and carrying out analogous projects in other countries.

By M. Sese
http://realestatepress.org